FRANKFURT (dpa-AFX) – The euro gained some ground on Thursday. In midday trading, the shared currency was trading at $1.0870. In the morning it was quoted a little lower. The European Central Bank (ECB) set the reference rate at $1.0847 on Wednesday afternoon.
The euro benefited from the renewed friendly mood on the European stock markets. The uncertainty emanating from the banking sector continued to recede.
The markets are waiting for the consumer price data from Germany for the month of March. Initial data from the federal states indicate a noticeable decline in inflation. However, the rate is likely to remain very high. The figures will be published at 2 p.m.
In Spain, the inflation rate fell more than expected. It fell to 3.1 percent in March from 6.0 percent in the previous month. A statistical effect is decisive for the strong decline, since the energy prices, which have meanwhile fallen significantly, are compared with the high level of the previous year.
In contrast, core inflation, which the European Central Bank (ECB) pays particular attention to, fell only slightly. The core inflation rate eliminates volatile energy and food prices. The figures for the entire currency area will be published on Friday.
In the USA, the weekly numbers from the labor market and growth data for the final quarter of 2022 are expected in the afternoon. The latter data is a third estimate, the basic development is already known./jsl/bgf/stk